February -27- Dockwise has revealed Q4 2008 revenues up 61% to USD 135 million (Q4 2007: USD 84 million) and adjusted revenues up 50% to USD 495 million (FY 2007: USD 330 million) for the full year 2008.

Net profit for 2008 was USD 47 million compared to a USD 76 million loss in 2007.

Commenting on the results, Andre Goedee, CEO of Dockwise Ltd said: "2008 was an outstanding year. We completed the transformation of our company while also delivering against demanding financial objectives.

"At the same time, we delivered our core services with the reliability and safety that our clients expect. In view of our transformed capabilities, I am encouraged to see Dockwise tendering successfully for an increasing number of projects.

"The fourth quarter was the strongest quarter ever in Dockwise's history providing a stepping stone to 2009. Immediate generation of free cash flows will enable us to substantially decrease our net debt level in the current year and to de-lever our balance sheet."